Hooker Furnishings Appoints New CFO, Elects Director
Ticker: HOFT · Form: 8-K · Filed: Apr 15, 2024 · CIK: 1077688
Sentiment: neutral
Topics: executive-changes, board-changes, cfo-appointment
Related Tickers: HOFT
TL;DR
HOFT names new CFO, Collier, effective April 15; adds director Newell.
AI Summary
On April 9, 2024, Hooker Furnishings Corporation (NASDAQ: HOFT) announced changes in its executive team. The company appointed Douglas J. Collier as Chief Financial Officer and Treasurer, effective April 15, 2024. Additionally, the Board of Directors elected a new director, David M. G. Newell, to serve until the 2026 annual meeting. These changes are part of the company's ongoing strategic initiatives.
Why It Matters
Changes in key financial and board leadership can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine executive and board changes without any indication of financial distress or significant operational disruption.
Key Players & Entities
- Hooker Furnishings Corporation (company) — Registrant
- Douglas J. Collier (person) — Appointed Chief Financial Officer and Treasurer
- April 15, 2024 (date) — Effective date for CFO appointment
- David M. G. Newell (person) — Elected Director
- 2026 (date) — Director's term end year
- April 9, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Chief Financial Officer and Treasurer of Hooker Furnishings Corporation?
Douglas J. Collier has been appointed as the new Chief Financial Officer and Treasurer, effective April 15, 2024.
When is the effective date for Douglas J. Collier's appointment?
The appointment of Douglas J. Collier is effective April 15, 2024.
Who has been elected as a new director to the Board of Directors?
David M. G. Newell has been elected as a new director to the Board of Directors.
Until what year will David M. G. Newell serve as a director?
David M. G. Newell will serve as a director until the 2026 annual meeting.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 9, 2024.
Filing Stats: 1,245 words · 5 min read · ~4 pages · Grade level 11.1 · Accepted 2024-04-15 16:00:59
Filing Documents
- hoft20240415_8k.htm (8-K) — 58KB
- 0001185185-24-000384.txt ( ) — 194KB
- hoft-20240409.xsd (EX-101.SCH) — 3KB
- hoft-20240409_def.xml (EX-101.DEF) — 10KB
- hoft-20240409_lab.xml (EX-101.LAB) — 19KB
- hoft-20240409_pre.xml (EX-101.PRE) — 11KB
- hoft20240415_8k_htm.xml (XML) — 3KB
From the Filing
hoft20240415_8k.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 9, 2024 HOOKER FURNISHINGS CORPORATION (Exact name of registrant as specified in its charter) Virginia 000-25349 54-0251350 (State or other jurisdiction of incorporation or organization) (Commission File No.) (I.R.S. Employer Identification No.) 440 East Commonwealth Boulevard , Martinsville , Virginia 24112 (276) 632-2133 (Address of principal executive offices) (Zip Code) (Registrant ' s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value HOFT NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 9, 2024, the Compensation Committee (the "Committee") of the Board of Directors of Hooker Furnishings Corporation (the "Company") approved annual base salaries, annual cash incentives and long-term incentives for the Company's executive officers. Annual Base Salary The base salary for each executive officer for 2024 will be: Base Salary Jeremy R. Hoff, CEO and Director $ 680,000 Paul A. Huckfeldt, CFO and Senior VP – Finance and Accounting 415,000 Anne J. Smith, CAO and President – Domestic Upholstery 375,000 Tod R. Phelps, CIO and Senior VP – Operations 330,000 Annual Cash Incentives The annual cash incentive for each executive officer for the Company's 2025 fiscal year, which ends February 2, 2025, will be paid if the Company attains certain revenue (30% weight) and operating income (70% weight) targets for fiscal 2025, as approved by the Board of Directors. No cash bonus is payable if the Company fails to reach the threshold performance goal range and the cash bonus is capped at 2x target payment if the Company reaches or exceeds the maximum performance goal range. There will be full interpolation for performance between the three discrete performance levels. The annual cash incentive potential for each of the executive officers is as follows: If the Company Attains: Threshold Target Maximum Jeremy R. Hoff $ 204,000 $ 680,000 $ 1,360,000 Paul A. Huckfeldt 74,700 249,000 498,000 Anne J. Smith 67,500 225,000 450,000 Tod R. Phelps 59,400 198,000 396,000 Time-Based Restricted Stock Units (RSUs ). Each time-based RSU grant vests ratably by entitling the executive officer to receive one third of the grant if he or she remains continuously employed with the Company through the end of each service period that ends April 9, 2025, April 9, 2026 and April 9, 2027, respectively. At the discretion of the Committee, the RSUs may be paid in shares of the Company's common stock, cash (based on the fair market value of a share of the Company's common stock on the date payment is made), or both. In addition to the service-based vesting requirement, 100% of an executive officer's RSUs will vest upon a change of control of the Company and a prorated number of the RSUs will vest upon the death, disability or retirement of the executive officer. Dividends declared on unvested RSUs awards accumulate in cash and are paid out only upon vesting of the underlying shares. The number of RSUs awarded to each executive officer is set forth in the table below. Executive Officer Number of RSUs Jeremy R. Hoff 24,208 Paul A. Huckfeldt 5,719 Anne J. Smith 5,168 Tod R. Phelps 4,548 Performance-based Restricted Stock Units ( " PSUs " ) Each performance-based RSU entitles the executive officer to receive one s